Today’s Market Summarised

Nifty’s moves today reminded me quite well of yesterdays movements. After opening with a gap-up, the index fell and did not look back. 14,200 was taken as temporary support but ultimately the index closed near the day-low. Nifty closed the day at 14,137, down just 9 points or 0.06%.

Bank Nifty opened the day just above 32,000 but remained sideways throughout the day. As you can see, the index traded in just a small range of 260 points and did not give any significant moves. Bank Nifty closed the day at 31,956, up 158 points or 0.50%.

Nifty Metal went up the most today, just like yesterday. FMCG and IT stocks again fell the most.

Asian markets closed mostly in the green. European markets are trading mixed, mostly flat.

News Picks

While the Metal index went up again, Tata Steel(up 5.70%) and Hindalco(up 5.35%) lead the rallies. The index has touched a 23-month high.

Shares of IDFC First Bank went up more than 10% after the company reported rapid expansion yesterday.

Shares of Dixon Technologies went up more than 9.5% after the tie-up with Warburg Pincus backed boAt to develop wireless speakers.

Shares of IndusInd Bank and Axis Bank went up more than 2.5%, while ICICI Bank fell more than 1% to keep Bank Nifty flat.

IT stocks corrected over the day, again, after the week’s spectacular rally. Coforge(down 2%) and Infy(down 1.56%) featured in the top losers list for the day.

Bharti Airtel went up more than 3.5% after the company got permission from RBI to increase FDI limit in payments bank to 74%>

Shares of Heritage Foods closed near 5% up after Vijay Kedia’s name appeared in the December shareholding data with 1.04% stake.

Markets Ahead

Markets around the world remained muted as they watched crazy events unfurl in the US capital city of Washington DC. And in India too we saw benchmark indices remain muted, but stock specific movement in many sectors was still happening.

Metal stocks continue to go up as global demand increases, along with a fall in the supply of iron ore resulted in increased steel prices. And just like how we have seen when Nifty slows down, midcaps shot up quite a bit. This is exactly why you have to expand your knowledge into different stocks and sectors beyond just Nifty 50.

Also, just after Indian market hours, Donald Trump has finally conceded defeat and promised a smooth transition of power to President-elect Joe Biden.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

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